Mortgage on house

[bstaples]

both my parents passed away in 1996. my father passed away in march and left everything to my mother. my mother passed away in july and left the real property in gwinnett county, georgia to the 4 children (share and share alike). the property has been for sale since september 1996 (has been rezoned to c-1) and city based on the neighborhood behind me (of which property is not part of) has rejected the proposed use on 2 contracts. there is still a mortgage on the property and it is being paid out of my pocket, because there is no money in the estate. i am working 3 jobs in order to pay the bills (very little if any help from my siblings). what happens if i quit paying the mortgage? i understand that children are not responsible for parents debt with the possibility that there be nothing left for the children to inherit.

 

[ALawyer]

If you fail to pay taxes or the mortgage the county (taxes) and bank or other lender (mortgage) will eventually foreclose. The property would be sold at auction, which usually fethch low bids.

IF there is any equity in it, and you can find any buyer that allows you to realize some of it, you're probably better off.